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Yuchenglong
08-17
复盘笔记(1)
一周回顾: 美股纳指反弹趋势依旧,幅度减弱,继续持有; mete, 反弹趋势渐弱,有震荡迹象,待观察确认,可暂时离场; 微软,自8月5日反弹之间,已持续10个工作日,趋势未变,幅度渐小,继续持有; 亚马逊,财报不及预期后大跌,在多重利好下同5日反弹至今,有震荡迹象,待观察确认,可暂时离场; 拼多多财报在即,上涨趋势明显,继续持有; 苹果两周前受巴菲特60%减仓后大跌,带动美股大盘暴跌,如今反弹势头强劲,继续持有。
复盘笔记(1)
Yuchenglong
07-31
这篇文章不错,转发给大家看看
@第N次大变革大分流:
$拼多多(PDD)$
今天拼多多遇到了一些麻烦,中小卖家群体里面有人互相拉群,组织队伍去拼多多总部搞事情,现场人还挺多的,目前事件还在发酵中。短期看空股票走势。
Yuchenglong
06-14
蔚来没有未来! 蔚来大股东-苏格兰千亿私募BaillieQ1清仓立场, 正式退出,持股自5.5%直接降到0.9%; 蔚来管理层糟糕的决策: 1-换电模式,泥足深陷,难以自拔! 在充电🔋满,需要等几个小时的情况下,独创换电模式是对的;但是在快充突破,电池突破,充电半小时还大力投资换电,费力不讨好
Yuchenglong
04-02
$小米集团-W(01810)$
小米汽车是雷军个人的公司,和小米集团有什么关系? 小米汽车雷军占股:77%+ 其他个人高管:近20%, 和小米集团有什么关系?
Yuchenglong
01-24
电商赛道,阿里没有未来! 抖音的视频电商新场景;阿里玩不过 拼多多的低价电商新卷王;阿里已错过 希音的快时尚电商新模式;阿里玩不过 阿里巴巴,曾经的电商老大 目前为止还看不到未来!
Yuchenglong
2023-12-28
Nvidia is best to buy!
Nvidia Is Giving Me Dotcom Vibes
Yuchenglong
2023-12-17
分享微软营收图解
Yuchenglong
2023-12-17
2023年AI领域明星公司 1.Open AI +300%+ 2.NVDA +200%+ 3.META +200%+ 3.微软 +50% 4.谷歌 +40% 5.苹果 6.特斯拉
Yuchenglong
2023-12-03
Spiritual pain tormented him all the time... 精神的痛苦时时刻刻折磨着... I can't escape 想逃也逃不掉
Yuchenglong
2023-11-15
我之所以挣大钱,从来不是凭我的作为,而是始终凭我的无为。明白吗?凭我的耐心坚守。正确判断市场方向,其实没有什么奥妙可言。你总是发现很多人在牛市早期便已经看多,在熊市早期便已经看空。我认识许多人,他们都有能力精准把握时机并正确行动,当价格恰恰处在有潜力造就巨额利润之处时,便开始买进或卖出。然而,他们的经历总是和我同出一辙——也就是说,他们都没有从中实现真正算数的利润。既能够正确判断,又能够耐心坚守,这样的人凤毛麟角。我发现,这属于最难学会的内容之一。但是,作为一名股票作手,只有牢牢掌握这一点之后,才能赚大钱。对一名交易者来说,真正学会交易后赢得百万美元,比他在懵里懵懂的日子要挣几百美元还容易。
Yuchenglong
2023-08-29
【01】为什么进入投机市场?
你为什么进入投机市场? 进入投机市场的好处或者原因: 1.检验自己的恐惧与贪婪, 2.检验自己的信息处理能力, 3.考验自己人性愚蠢和贪婪的。 参与理财等经济活动, 对于男人成熟是一种很好的锻炼, 这游戏的好处是,一个成年人必须为自己的决定承担后果, 失败了也没有借口,可培养一个人整理复杂信息并找出重点的能力, 对错一目了然,且记忆深刻,还可占用大量时间,令自己少空虚.
【01】为什么进入投机市场?
Yuchenglong
2023-08-27
四大措施,能都提振A股股市?
1,减半印花税, 2,限制减持, 3,限制IPO, 4, 调降融资保证金比例 四大措施能提振A股? 股民跟不跟?
四大措施,能都提振A股股市?
Yuchenglong
2023-05-21
乐童资本-交易员
为了解放禁锢的灵魂!
乐童资本-交易员
Yuchenglong
2019-05-23
$如涵控股(RUHN)$ 投机主义
去老虎APP查看更多动态
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苹果两周前受巴菲特60%减仓后大跌,带动美股大盘暴跌,如今反弹势头强劲,继续持有。","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/339360884936768","isVote":1,"tweetType":1,"viewCount":268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":333208792424712,"gmtCreate":1722375618031,"gmtModify":1722375620105,"author":{"id":"3511181982993452","authorId":"3511181982993452","name":"Yuchenglong","avatar":"https://static.tigerbbs.com/db674b96432ca0ebd9c05a6f7ead41ab","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3511181982993452","authorIdStr":"3511181982993452"},"themes":[],"htmlText":"这篇文章不错,转发给大家看看","listText":"这篇文章不错,转发给大家看看","text":"这篇文章不错,转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/333208792424712","repostId":"333067498111136","repostType":1,"repost":{"id":333067498111136,"gmtCreate":1722343375107,"gmtModify":1722405737118,"author":{"id":"3564479083780631","authorId":"3564479083780631","name":"第N次大变革大分流","avatar":"https://static.tigerbbs.com/38a0f9f620ecb0107deca26ff5e51658","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564479083780631","authorIdStr":"3564479083780631"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PDD\">$拼多多(PDD)$ </a><v-v data-views=\"0\"></v-v> 今天拼多多遇到了一些麻烦,中小卖家群体里面有人互相拉群,组织队伍去拼多多总部搞事情,现场人还挺多的,目前事件还在发酵中。短期看空股票走势。","listText":"<a href=\"https://ttm.financial/S/PDD\">$拼多多(PDD)$ </a><v-v data-views=\"0\"></v-v> 今天拼多多遇到了一些麻烦,中小卖家群体里面有人互相拉群,组织队伍去拼多多总部搞事情,现场人还挺多的,目前事件还在发酵中。短期看空股票走势。","text":"$拼多多(PDD)$ 今天拼多多遇到了一些麻烦,中小卖家群体里面有人互相拉群,组织队伍去拼多多总部搞事情,现场人还挺多的,目前事件还在发酵中。短期看空股票走势。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/333067498111136","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":316628034248928,"gmtCreate":1718329427484,"gmtModify":1718329431647,"author":{"id":"3511181982993452","authorId":"3511181982993452","name":"Yuchenglong","avatar":"https://static.tigerbbs.com/db674b96432ca0ebd9c05a6f7ead41ab","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3511181982993452","authorIdStr":"3511181982993452"},"themes":[],"htmlText":"蔚来没有未来! 蔚来大股东-苏格兰千亿私募BaillieQ1清仓立场, 正式退出,持股自5.5%直接降到0.9%; 蔚来管理层糟糕的决策: 1-换电模式,泥足深陷,难以自拔! 在充电🔋满,需要等几个小时的情况下,独创换电模式是对的;但是在快充突破,电池突破,充电半小时还大力投资换电,费力不讨好","listText":"蔚来没有未来! 蔚来大股东-苏格兰千亿私募BaillieQ1清仓立场, 正式退出,持股自5.5%直接降到0.9%; 蔚来管理层糟糕的决策: 1-换电模式,泥足深陷,难以自拔! 在充电🔋满,需要等几个小时的情况下,独创换电模式是对的;但是在快充突破,电池突破,充电半小时还大力投资换电,费力不讨好","text":"蔚来没有未来! 蔚来大股东-苏格兰千亿私募BaillieQ1清仓立场, 正式退出,持股自5.5%直接降到0.9%; 蔚来管理层糟糕的决策: 1-换电模式,泥足深陷,难以自拔! 在充电🔋满,需要等几个小时的情况下,独创换电模式是对的;但是在快充突破,电池突破,充电半小时还大力投资换电,费力不讨好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/316628034248928","isVote":1,"tweetType":1,"viewCount":4639,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3494639096372471","authorId":"3494639096372471","name":"电动小钢炮","avatar":"https://static.tigerbbs.com/819d79814754f28852c22b6790ffd8bc","crmLevel":2,"crmLevelSwitch":0,"idStr":"3494639096372471","authorIdStr":"3494639096372471"},"content":"一看就不是纯电车主,等你拥有纯电车再去所谓半小时充满的充电桩充充看是不是这么回事","text":"一看就不是纯电车主,等你拥有纯电车再去所谓半小时充满的充电桩充充看是不是这么回事","html":"一看就不是纯电车主,等你拥有纯电车再去所谓半小时充满的充电桩充充看是不是这么回事"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":290824063967280,"gmtCreate":1712027905214,"gmtModify":1712027906649,"author":{"id":"3511181982993452","authorId":"3511181982993452","name":"Yuchenglong","avatar":"https://static.tigerbbs.com/db674b96432ca0ebd9c05a6f7ead41ab","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3511181982993452","authorIdStr":"3511181982993452"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 小米汽车是雷军个人的公司,和小米集团有什么关系? 小米汽车雷军占股:77%+ 其他个人高管:近20%, 和小米集团有什么关系?","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$ </a> 小米汽车是雷军个人的公司,和小米集团有什么关系? 小米汽车雷军占股:77%+ 其他个人高管:近20%, 和小米集团有什么关系?","text":"$小米集团-W(01810)$ 小米汽车是雷军个人的公司,和小米集团有什么关系? 小米汽车雷军占股:77%+ 其他个人高管:近20%, 和小米集团有什么关系?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/290824063967280","isVote":1,"tweetType":1,"viewCount":2693,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3580175567568549","authorId":"3580175567568549","name":"小吴很懒","avatar":"https://static.tigerbbs.com/230659031acc261abb168b2ea1708de6","crmLevel":1,"crmLevelSwitch":0,"idStr":"3580175567568549","authorIdStr":"3580175567568549"},"content":"协议控制,小米集团出钱、背书,成功后变成雷军个人的?咋可能啊","text":"协议控制,小米集团出钱、背书,成功后变成雷军个人的?咋可能啊","html":"协议控制,小米集团出钱、背书,成功后变成雷军个人的?咋可能啊"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":266244982071608,"gmtCreate":1706036785944,"gmtModify":1706062566822,"author":{"id":"3511181982993452","authorId":"3511181982993452","name":"Yuchenglong","avatar":"https://static.tigerbbs.com/db674b96432ca0ebd9c05a6f7ead41ab","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3511181982993452","authorIdStr":"3511181982993452"},"themes":[],"htmlText":"电商赛道,阿里没有未来! 抖音的视频电商新场景;阿里玩不过 拼多多的低价电商新卷王;阿里已错过 希音的快时尚电商新模式;阿里玩不过 阿里巴巴,曾经的电商老大 目前为止还看不到未来!","listText":"电商赛道,阿里没有未来! 抖音的视频电商新场景;阿里玩不过 拼多多的低价电商新卷王;阿里已错过 希音的快时尚电商新模式;阿里玩不过 阿里巴巴,曾经的电商老大 目前为止还看不到未来!","text":"电商赛道,阿里没有未来! 抖音的视频电商新场景;阿里玩不过 拼多多的低价电商新卷王;阿里已错过 希音的快时尚电商新模式;阿里玩不过 阿里巴巴,曾经的电商老大 目前为止还看不到未来!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/266244982071608","isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":256845206454424,"gmtCreate":1703739843093,"gmtModify":1703739844618,"author":{"id":"3511181982993452","authorId":"3511181982993452","name":"Yuchenglong","avatar":"https://static.tigerbbs.com/db674b96432ca0ebd9c05a6f7ead41ab","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3511181982993452","authorIdStr":"3511181982993452"},"themes":[],"htmlText":"Nvidia is best to buy!","listText":"Nvidia is best to buy!","text":"Nvidia is best to buy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/256845206454424","repostId":"2394396717","repostType":2,"repost":{"id":"2394396717","pubTimestamp":1703723201,"share":"https://www.laohu8.com/m/news/2394396717?lang=&edition=full","pubTime":"2023-12-28 08:26","market":"us","language":"en","title":"Nvidia Is Giving Me Dotcom Vibes","url":"https://stock-news.laohu8.com/highlight/detail?id=2394396717","media":"seekingalpha","summary":"For the second quarter in a row, Nvidia Corporation reported impressive quarterly results and revenue grew over 200% year-over-year.And in the last few months, Nvidia also grew into its valuation, but","content":"<html><head></head><body><ul style=\"\"><li><p>For the second quarter in a row, Nvidia Corporation reported impressive quarterly results and revenue grew over 200% year-over-year.</p></li><li><p>And in the last few months, Nvidia also grew into its valuation, but it is still trading for a high P/E and P/FCF ratio.</p></li><li><p>When looking at Nvidia right now, one is reminded of the Dotcom bubble and stocks trading for similar valuation multiples.</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929cf97da6617d0c990da5a6362e9dcf\" tg-width=\"750\" tg-height=\"500\"/></p><p>When looking at the stocks listed in the S&P 500 Index (SP500), there is one stock that increased 234% year-to-date and clearly outperformed all other stocks – <strong>Nvidia Corporation</strong> (NASDAQ:NVDA). And while probably everyone else saw this coming, was bullish about Nvidia all along and – of course – invested in Nvidia and made huge profits, I must admit that I did not see this coming. About a year ago, I published an article when Nvidia was trading for $160 with the – in retrospective – unfortunate title “Still Huge Downside Risk.” In my conclusion, I wrote:</p><blockquote><p>Over the long term, we can be pretty confident that NVIDIA will continue to grow and profit by secular tailwinds. But over the next few years, we should be cautious with such optimistic expectations.</p></blockquote><p>And at this point, we can ask the question (which the article will try to answer) if we should now be bullish about Nvidia due to the secular tailwinds or if there is still reason to be cautious.</p><h2 id=\"id_2671198739\">Nvidia Growing Into Valuation</h2><p>In my last article published in mid-June of 2023, Nvidia was trading for $427, and I rated the stock as “Hold.” In my article titled “What were you thinking?” I argued that Nvidia was trading for extreme valuation multiples. However, we must admit that Nvidia grew into its valuation, and in July 2023 the valuation multiples peaked with the stock trading for 247 times earnings and 232 times free cash flow.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d36f420392f2a783745dddb290551c0\" tg-width=\"635\" tg-height=\"450\"/></p><p>Data by YCharts</p><p></p><p>Over the last few months, Nvidia's P/E ratio and P/FCF ratio declined and right now, the stock is trading only for 64 times earnings and for 69 times free cash flow. Of course, these are still extremely high valuation multiples, but Nvidia is growing with very high rates and the difficult task we are faced with right now is to assess if the high growth rates justify these high valuation multiples. At least when looking at the last quarterly results it seems easy to justify the current valuation multiples.</p><h2 id=\"id_2219244585\">Quarterly Results</h2><p>After Nvidia had already reported impressive results for the second quarter of fiscal 2024, the third quarter results were even better. Revenue increased 206% year-over-year, from $5,931 million in Q3/23 to $18,120 million in Q3/24 and for a major business this is an insane growth rate. Operating income increased from $601 million in the same quarter last year to $10,417 million this quarter and hence operating income increased 16 times year-over-year. Of course, we must point out that operating income in Q3/23 was extremely low. Finally, diluted net income per share increased from $0.27 in Q3/23 to $3.71 this quarter – resulting in 1,274% growth year-over-year.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a186278ebbe2f64ee9d62311901d1bd\" tg-width=\"640\" tg-height=\"359\"/></p><p>Nvidia Investor Presentation Q3/FY24</p><p></p><p>And finally, instead of a negative free cash flow of $156 million in Q3/23, Nvidia generated $7,042 million in free cash flow this quarter. Not surprisingly, gross margin also improved year-over-year from 53.6% in Q3/23 to 74.0% this quarter.</p><h2 id=\"id_2066778816\">Growth, Growth, Growth</h2><p>When looking at the results, the sentiment surrounding Nvidia, analysts’ estimates or the last earnings call, it is difficult to find a reason not to be bullish and extremely optimistic.</p><p>When looking at revenue by market platform, the category everybody is looking at is “Data Center.” It has always been an important category for Nvidia, but right now it is the driver of growth. Revenue increased from $3,833 million in the same quarter last year to $14,514 million this quarter – resulting in 279% year-over-year growth. The market platform is also responsible for 80% of the company’s total revenue in Q3/24.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c35295d9961f064c083d6ffaf01304a5\" tg-width=\"640\" tg-height=\"358\"/></p><p>Nvidia Investor Presentation Q3/FY24</p><p></p><p>Management is pointing out that Nvidia is providing the infrastructure for the AI applications everybody is talking about right now:</p><blockquote><p>NVIDIA HGX with InfiniBand together are essentially the reference architecture for AI supercomputers and data center infrastructures. Some of the most exciting generative AI applications are built and run on NVIDIA, including <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> Firefly, ChatGPT, Microsoft 365 Copilot, CoAssist, now assist with <a href=\"https://laohu8.com/S/NOW\">ServiceNow</a> and <a href=\"https://laohu8.com/S/ZM\">Zoom</a> AI Companion. Our Data Center compute revenue quadrupled from last year and networking revenue nearly tripled.</p></blockquote><p>And management seems to be very optimistic that we are only at the beginning with companies needing the hardware and infrastructure to run AI applications:</p><blockquote><p>The enterprise wave of AI adoption is now beginning. Enterprise software companies such as Adobe, Databricks, <a href=\"https://laohu8.com/S/SNOW\">Snowflake</a> and ServiceNow are adding AI copilots and the systems to their platforms. And broader enterprises are developing custom AI for vertical industry applications such as Tesla in autonomous driving.</p></blockquote><p>Additionally cloud service providers are also driving revenue growth and are responsible for about half of the Data Center revenue. And as the cloud market is expected to grow at a high pace, we can expect Nvidia to profit as well from this trend.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/440f54f2e50fa8ec12c47ef9892570be\" tg-width=\"640\" tg-height=\"358\"/></p><p>Nvidia Investor Presentation Q3/FY24</p><p></p><p>And it is not only revenue from Data Center, but other business segments are growing with a high pace as well. Revenue from Gaming increased 81% year-over-year to $2.86 billion and has doubled relative to pre-COVID levels despite a rather mediocre PC market performance. Nvidia saw especially strong demand in the important back-to-school shopping season.</p><p>For the full picture we can also mention $416 million in revenue from “Professional Visualization,” $261 million in revenue from “Automotive” as well as $73 million from “OEM and Other.” However, compared to the other two market platforms these are hardly worth mentioning.</p><h2 id=\"id_3560945237\">Intrinsic Value Calculation</h2><p>In my opinion it is extremely difficult to calculate an intrinsic value for a company like Nvidia. The best-case scenario is to have a business that is growing with a stable pace for decades with high levels of consistency. I think it is very obvious that Nvidia will not continue to grow with a similar pace as in the last two quarters. But estimating what growth rates are realistic is rather difficult. Will Nvidia continue to grow at 20% or more, will it grow at 10%, or will we see almost no growth or declining revenue in the next few years (a scenario that is possible as well).</p><p>In such a case, I usually try to turn the question around and calculate what growth rates we need in the years to come for Nvidia to be fairly valued. As basis for our calculation, we use 2,494 million outstanding shares and the free cash flow of the last four quarters (which was $17.52 billion). And as we want an annual return on our investment of at least 10%, we use that as discount rate.</p><p>Right now, Nvidia is trading for $500, and to be fairly valued, the company has to grow its free cash flow between 22% and 23% in the next ten years followed by 6% growth till perpetuity. When looking at current growth rates, I assume almost nobody has doubts that Nvidia can grow at least 22% for the next few years. And in the last ten years, Nvidia was able to grow with a CAGR of 22.70%.</p><p>However, Wall Street analysts expect earnings per share to grow only with a CAGR of 14.6% in the years between 2024 and 2033. The same analysts are extremely bullish – and, in my opinion, this is not making any sense. And if Nvidia can grow its bottom line only 15% annually, the stock would be overvalued (intrinsic value would be about $300 in that case).</p><p>I am also trying to be rather cautious and only calculate with growth rates I can justify. And while I can – in theory – imagine Nvidia growing 22% annually for the next ten years, I can also imagine the company growing with a slower pace.</p><h2 id=\"id_4059419325\">Dotcom Bubble Vibes</h2><p>While Wall Street seems to be extremely bullish about Nvidia, Seeking Alpha seems rather split between bulls and bears, and several analysts have recently argued that Nvidia is in a bubble.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3a3878fed9a20987ed9bd5fe85e716e8\" tg-width=\"640\" tg-height=\"385\"/></p><p>Seeking Alpha</p><p></p><p>And like <em>Building Benjamins</em>, I also drew a comparison to several Dotcom companies in 1999 and 2000 in my last article about Nvidia:</p><blockquote><p>It seems like "artificial intelligence" might be a similar hype as the Internet almost 25 years ago. The patterns are very similar. And I am expecting Nvidia (the stock) to follow a similar path as several companies during the Dotcom bubbles - the names to google would be Intel, Cisco Systems, Inc. (CSCO), or in the case of Germany, Deutsche Telekom AG (OTCQX:DTEGY). Artificial intelligence will most likely have a sustained and huge impact on our lives and impact almost everyone and every company. And it has the potential to boost the economy - but similar to the Dotcom bubble and the Internet, it might take several years (or maybe a decade) before this effect will become visible.</p></blockquote><p>When looking at Nvidia, it is difficult not to get Dotcom bubble vibes: a company growing with exceptional growth rates, investors assuming these growth rates to continue although everybody should know this is not possible.</p><p>And we could face a similar problem as in the late 1990s. Stanley Druckenmiller described the situation that led to the Dotcom bubble burst. The Internet infrastructure was built in the late 1990s at a very rapid pace, and the companies involved reported extremely high growth rates in these years. Druckenmiller compared it to the construction of a railway system: As long as the infrastructure is being built, growth rates are extremely high. But once every major town is connected, growth will suddenly vanish as no more infrastructure is necessary (at least not before the existing infrastructure needs to be replaced). Back in 1999/2000, obviously, very few people could see the problem – including Druckenmiller. And I already wrote about this in an article published in July 2021:</p><blockquote><p>The problem for companies like Cisco or Deutsche Telekom was especially the insane growth expectations investors had for the future, which led to extremely high valuation multiples. And if Cisco or Allianz would have been able to grow with a similar pace than in the years before 2000, the valuation multiples might have been reasonable to some degree.</p><p>(…)</p><p>But in 2000 growth rates suddenly slowed down in a dramatic way and suddenly these high valuation multiples seemed completely absurd, and this led to 90% declines for these stocks. Of course, there were also companies that survived the Dotcom bubble and could actually keep up high growth rates – Amazon (AMZN) and Microsoft (MSFT) would be two examples (although buying Microsoft in 2000 was also no pleasure for investors in the following 16 years).</p></blockquote><p>In "The NVIDIA/AI Singularity: Breakthrough, Bubble, or Both," Rob Arnott and his colleagues show how some of these companies performed after 1999/2000.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aeb52f3961b0bef1dc6b59846432ac48\" tg-width=\"640\" tg-height=\"555\"/></p><p>Research Affiliates</p><p></p><p>And the authors also describe the problem we saw with these stocks in 1999/2000 and maybe again today:</p><blockquote><p>Our point is that even correct narratives can take longer to play out than most investors expect (…) Overconfident markets paradoxically transform brilliant future business prospects into even more brilliant current stock price levels.</p></blockquote><p>And in the case of Nvidia, so much overconfidence about brilliant future business prospects is reflected in the stock price of Nvidia. The question right now is, if Nvidia could face a similar problem as Cisco did, and if the demand for “AI infrastructure” might also fall off a cliff once the major companies have enough server and cloud capacity to run AI applications. I personally don’t think the comparison to 1999/2000 is accurate, but on the other hand I don’t have enough information to draw accurate conclusion about what the demand for GPUs will be in the years to come.</p><p>However, another aspect we should keep in mind is the danger of investing in “expensive” stocks. In <em>Investing in AI</em>, Kai Wu is showing how “expensive” Internet stocks performed compared to “cheap” Internet stocks — and this is underlining once again the investment philosophy not to buy hyped and overpriced companies.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d4fac6e487177fa060cfe5b5c10fe49\" tg-width=\"640\" tg-height=\"647\"/></p><p>Sparkline Capital</p><p></p><p>The author is also showing that the performance of the expensive Internet stocks had nothing to do with the fundamental performance. The underperformance stemmed in huge parts from the contraction of valuation multiples.</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86c7d492d6f49a81f48b060b2f0785fa\" tg-width=\"640\" tg-height=\"634\"/></p><p>Sparkline Capital</p><p></p><h2 id=\"id_310412910\">Conclusion</h2><p>I honestly did not expect Nvidia to grow at such a high rate, and I was also wrong in my last article about Nvidia, as the stock climbed another 25% with valuation multiples being lower now than in the summer of 2023. And, of course, I could be wrong again – especially as Nvidia is growing with a high pace that I did not expect, and maybe the company will be able to grow at 22% or more annually, justifying the current stock price.</p><p>But for me, that is just not a bet I want to make. It is not my style of investing – I want to stay away from companies and stocks that could be in a bubble, as history has shown as that these stocks could generate immense profits but also decline extremely steep and destroy wealth for several years (or sometimes even decades). And it feels rather like a bet than an investment to put my money on Nvidia at $500.</p><p><em>I wish you all the best for 2024!</em></p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia Is Giving Me Dotcom Vibes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia Is Giving Me Dotcom Vibes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-12-28 08:26 GMT+8 <a href=https://seekingalpha.com/article/4659919-nvidia-is-giving-me-dotcom-vibes><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>For the second quarter in a row, Nvidia Corporation reported impressive quarterly results and revenue grew over 200% year-over-year.And in the last few months, Nvidia also grew into its valuation, but...</p>\n\n<a href=\"https://seekingalpha.com/article/4659919-nvidia-is-giving-me-dotcom-vibes\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4529":"IDC概念","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","BK4528":"SaaS概念","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD) INC","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0238689110.USD":"贝莱德环球动力股票基金","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","BK4507":"流媒体概念","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","BK4534":"瑞士信贷持仓","LU0072462426.USD":"贝莱德全球配置 A2","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","MSFT":"微软","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4548":"巴美列捷福持仓","BK4535":"淡马锡持仓","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","BK4559":"巴菲特持仓","BK4538":"云计算","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","NVDA":"英伟达","BK4020":"通信设备","SG9999002232.USD":"Allianz Global High Payout USD","BK4550":"红杉资本持仓","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0109392836.USD":"富兰克林科技股A","BK4141":"半导体产品","SG9999002224.SGD":"Allianz Global High Payout SGD","BK4122":"互联网与直销零售","AMZN":"亚马逊","BK4551":"寇图资本持仓","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","BK4097":"系统软件","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","DTEGY":"Deutsche Telekom AG","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","BK4549":"软银资本持仓","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","CSCO":"思科"},"source_url":"https://seekingalpha.com/article/4659919-nvidia-is-giving-me-dotcom-vibes","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2394396717","content_text":"For the second quarter in a row, Nvidia Corporation reported impressive quarterly results and revenue grew over 200% year-over-year.And in the last few months, Nvidia also grew into its valuation, but it is still trading for a high P/E and P/FCF ratio.When looking at Nvidia right now, one is reminded of the Dotcom bubble and stocks trading for similar valuation multiples.When looking at the stocks listed in the S&P 500 Index (SP500), there is one stock that increased 234% year-to-date and clearly outperformed all other stocks – Nvidia Corporation (NASDAQ:NVDA). And while probably everyone else saw this coming, was bullish about Nvidia all along and – of course – invested in Nvidia and made huge profits, I must admit that I did not see this coming. About a year ago, I published an article when Nvidia was trading for $160 with the – in retrospective – unfortunate title “Still Huge Downside Risk.” In my conclusion, I wrote:Over the long term, we can be pretty confident that NVIDIA will continue to grow and profit by secular tailwinds. But over the next few years, we should be cautious with such optimistic expectations.And at this point, we can ask the question (which the article will try to answer) if we should now be bullish about Nvidia due to the secular tailwinds or if there is still reason to be cautious.Nvidia Growing Into ValuationIn my last article published in mid-June of 2023, Nvidia was trading for $427, and I rated the stock as “Hold.” In my article titled “What were you thinking?” I argued that Nvidia was trading for extreme valuation multiples. However, we must admit that Nvidia grew into its valuation, and in July 2023 the valuation multiples peaked with the stock trading for 247 times earnings and 232 times free cash flow.Data by YChartsOver the last few months, Nvidia's P/E ratio and P/FCF ratio declined and right now, the stock is trading only for 64 times earnings and for 69 times free cash flow. Of course, these are still extremely high valuation multiples, but Nvidia is growing with very high rates and the difficult task we are faced with right now is to assess if the high growth rates justify these high valuation multiples. At least when looking at the last quarterly results it seems easy to justify the current valuation multiples.Quarterly ResultsAfter Nvidia had already reported impressive results for the second quarter of fiscal 2024, the third quarter results were even better. Revenue increased 206% year-over-year, from $5,931 million in Q3/23 to $18,120 million in Q3/24 and for a major business this is an insane growth rate. Operating income increased from $601 million in the same quarter last year to $10,417 million this quarter and hence operating income increased 16 times year-over-year. Of course, we must point out that operating income in Q3/23 was extremely low. Finally, diluted net income per share increased from $0.27 in Q3/23 to $3.71 this quarter – resulting in 1,274% growth year-over-year.Nvidia Investor Presentation Q3/FY24And finally, instead of a negative free cash flow of $156 million in Q3/23, Nvidia generated $7,042 million in free cash flow this quarter. Not surprisingly, gross margin also improved year-over-year from 53.6% in Q3/23 to 74.0% this quarter.Growth, Growth, GrowthWhen looking at the results, the sentiment surrounding Nvidia, analysts’ estimates or the last earnings call, it is difficult to find a reason not to be bullish and extremely optimistic.When looking at revenue by market platform, the category everybody is looking at is “Data Center.” It has always been an important category for Nvidia, but right now it is the driver of growth. Revenue increased from $3,833 million in the same quarter last year to $14,514 million this quarter – resulting in 279% year-over-year growth. The market platform is also responsible for 80% of the company’s total revenue in Q3/24.Nvidia Investor Presentation Q3/FY24Management is pointing out that Nvidia is providing the infrastructure for the AI applications everybody is talking about right now:NVIDIA HGX with InfiniBand together are essentially the reference architecture for AI supercomputers and data center infrastructures. Some of the most exciting generative AI applications are built and run on NVIDIA, including Adobe Firefly, ChatGPT, Microsoft 365 Copilot, CoAssist, now assist with ServiceNow and Zoom AI Companion. Our Data Center compute revenue quadrupled from last year and networking revenue nearly tripled.And management seems to be very optimistic that we are only at the beginning with companies needing the hardware and infrastructure to run AI applications:The enterprise wave of AI adoption is now beginning. Enterprise software companies such as Adobe, Databricks, Snowflake and ServiceNow are adding AI copilots and the systems to their platforms. And broader enterprises are developing custom AI for vertical industry applications such as Tesla in autonomous driving.Additionally cloud service providers are also driving revenue growth and are responsible for about half of the Data Center revenue. And as the cloud market is expected to grow at a high pace, we can expect Nvidia to profit as well from this trend.Nvidia Investor Presentation Q3/FY24And it is not only revenue from Data Center, but other business segments are growing with a high pace as well. Revenue from Gaming increased 81% year-over-year to $2.86 billion and has doubled relative to pre-COVID levels despite a rather mediocre PC market performance. Nvidia saw especially strong demand in the important back-to-school shopping season.For the full picture we can also mention $416 million in revenue from “Professional Visualization,” $261 million in revenue from “Automotive” as well as $73 million from “OEM and Other.” However, compared to the other two market platforms these are hardly worth mentioning.Intrinsic Value CalculationIn my opinion it is extremely difficult to calculate an intrinsic value for a company like Nvidia. The best-case scenario is to have a business that is growing with a stable pace for decades with high levels of consistency. I think it is very obvious that Nvidia will not continue to grow with a similar pace as in the last two quarters. But estimating what growth rates are realistic is rather difficult. Will Nvidia continue to grow at 20% or more, will it grow at 10%, or will we see almost no growth or declining revenue in the next few years (a scenario that is possible as well).In such a case, I usually try to turn the question around and calculate what growth rates we need in the years to come for Nvidia to be fairly valued. As basis for our calculation, we use 2,494 million outstanding shares and the free cash flow of the last four quarters (which was $17.52 billion). And as we want an annual return on our investment of at least 10%, we use that as discount rate.Right now, Nvidia is trading for $500, and to be fairly valued, the company has to grow its free cash flow between 22% and 23% in the next ten years followed by 6% growth till perpetuity. When looking at current growth rates, I assume almost nobody has doubts that Nvidia can grow at least 22% for the next few years. And in the last ten years, Nvidia was able to grow with a CAGR of 22.70%.However, Wall Street analysts expect earnings per share to grow only with a CAGR of 14.6% in the years between 2024 and 2033. The same analysts are extremely bullish – and, in my opinion, this is not making any sense. And if Nvidia can grow its bottom line only 15% annually, the stock would be overvalued (intrinsic value would be about $300 in that case).I am also trying to be rather cautious and only calculate with growth rates I can justify. And while I can – in theory – imagine Nvidia growing 22% annually for the next ten years, I can also imagine the company growing with a slower pace.Dotcom Bubble VibesWhile Wall Street seems to be extremely bullish about Nvidia, Seeking Alpha seems rather split between bulls and bears, and several analysts have recently argued that Nvidia is in a bubble.Seeking AlphaAnd like Building Benjamins, I also drew a comparison to several Dotcom companies in 1999 and 2000 in my last article about Nvidia:It seems like \"artificial intelligence\" might be a similar hype as the Internet almost 25 years ago. The patterns are very similar. And I am expecting Nvidia (the stock) to follow a similar path as several companies during the Dotcom bubbles - the names to google would be Intel, Cisco Systems, Inc. (CSCO), or in the case of Germany, Deutsche Telekom AG (OTCQX:DTEGY). Artificial intelligence will most likely have a sustained and huge impact on our lives and impact almost everyone and every company. And it has the potential to boost the economy - but similar to the Dotcom bubble and the Internet, it might take several years (or maybe a decade) before this effect will become visible.When looking at Nvidia, it is difficult not to get Dotcom bubble vibes: a company growing with exceptional growth rates, investors assuming these growth rates to continue although everybody should know this is not possible.And we could face a similar problem as in the late 1990s. Stanley Druckenmiller described the situation that led to the Dotcom bubble burst. The Internet infrastructure was built in the late 1990s at a very rapid pace, and the companies involved reported extremely high growth rates in these years. Druckenmiller compared it to the construction of a railway system: As long as the infrastructure is being built, growth rates are extremely high. But once every major town is connected, growth will suddenly vanish as no more infrastructure is necessary (at least not before the existing infrastructure needs to be replaced). Back in 1999/2000, obviously, very few people could see the problem – including Druckenmiller. And I already wrote about this in an article published in July 2021:The problem for companies like Cisco or Deutsche Telekom was especially the insane growth expectations investors had for the future, which led to extremely high valuation multiples. And if Cisco or Allianz would have been able to grow with a similar pace than in the years before 2000, the valuation multiples might have been reasonable to some degree.(…)But in 2000 growth rates suddenly slowed down in a dramatic way and suddenly these high valuation multiples seemed completely absurd, and this led to 90% declines for these stocks. Of course, there were also companies that survived the Dotcom bubble and could actually keep up high growth rates – Amazon (AMZN) and Microsoft (MSFT) would be two examples (although buying Microsoft in 2000 was also no pleasure for investors in the following 16 years).In \"The NVIDIA/AI Singularity: Breakthrough, Bubble, or Both,\" Rob Arnott and his colleagues show how some of these companies performed after 1999/2000.Research AffiliatesAnd the authors also describe the problem we saw with these stocks in 1999/2000 and maybe again today:Our point is that even correct narratives can take longer to play out than most investors expect (…) Overconfident markets paradoxically transform brilliant future business prospects into even more brilliant current stock price levels.And in the case of Nvidia, so much overconfidence about brilliant future business prospects is reflected in the stock price of Nvidia. The question right now is, if Nvidia could face a similar problem as Cisco did, and if the demand for “AI infrastructure” might also fall off a cliff once the major companies have enough server and cloud capacity to run AI applications. I personally don’t think the comparison to 1999/2000 is accurate, but on the other hand I don’t have enough information to draw accurate conclusion about what the demand for GPUs will be in the years to come.However, another aspect we should keep in mind is the danger of investing in “expensive” stocks. In Investing in AI, Kai Wu is showing how “expensive” Internet stocks performed compared to “cheap” Internet stocks — and this is underlining once again the investment philosophy not to buy hyped and overpriced companies.Sparkline CapitalThe author is also showing that the performance of the expensive Internet stocks had nothing to do with the fundamental performance. The underperformance stemmed in huge parts from the contraction of valuation multiples.Sparkline CapitalConclusionI honestly did not expect Nvidia to grow at such a high rate, and I was also wrong in my last article about Nvidia, as the stock climbed another 25% with valuation multiples being lower now than in the summer of 2023. And, of course, I could be wrong again – especially as Nvidia is growing with a high pace that I did not expect, and maybe the company will be able to grow at 22% or more annually, justifying the current stock price.But for me, that is just not a bet I want to make. It is not my style of investing – I want to stay away from companies and stocks that could be in a bubble, as history has shown as that these stocks could generate immense profits but also decline extremely steep and destroy wealth for several years (or sometimes even decades). And it feels rather like a bet than an investment to put my money on Nvidia at $500.I wish you all the best for 2024!","news_type":1},"isVote":1,"tweetType":1,"viewCount":85,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":253131917123632,"gmtCreate":1702807930386,"gmtModify":1702807934943,"author":{"id":"3511181982993452","authorId":"3511181982993452","name":"Yuchenglong","avatar":"https://static.tigerbbs.com/db674b96432ca0ebd9c05a6f7ead41ab","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3511181982993452","authorIdStr":"3511181982993452"},"themes":[],"htmlText":"分享微软营收图解","listText":"分享微软营收图解","text":"分享微软营收图解","images":[{"img":"https://static.tigerbbs.com/4f62fdbae4d738e27ed4eb609bde976c","width":"1170","height":"16952"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/253131917123632","isVote":1,"tweetType":1,"viewCount":1421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":253061735219464,"gmtCreate":1702790899337,"gmtModify":1702791003623,"author":{"id":"3511181982993452","authorId":"3511181982993452","name":"Yuchenglong","avatar":"https://static.tigerbbs.com/db674b96432ca0ebd9c05a6f7ead41ab","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3511181982993452","authorIdStr":"3511181982993452"},"themes":[],"htmlText":"2023年AI领域明星公司 1.Open AI +300%+ 2.NVDA +200%+ 3.META +200%+ 3.微软 +50% 4.谷歌 +40% 5.苹果 6.特斯拉","listText":"2023年AI领域明星公司 1.Open AI +300%+ 2.NVDA +200%+ 3.META +200%+ 3.微软 +50% 4.谷歌 +40% 5.苹果 6.特斯拉","text":"2023年AI领域明星公司 1.Open AI +300%+ 2.NVDA +200%+ 3.META +200%+ 3.微软 +50% 4.谷歌 +40% 5.苹果 6.特斯拉","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/253061735219464","isVote":1,"tweetType":1,"viewCount":647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":247938058227872,"gmtCreate":1701569658228,"gmtModify":1701570641452,"author":{"id":"3511181982993452","authorId":"3511181982993452","name":"Yuchenglong","avatar":"https://static.tigerbbs.com/db674b96432ca0ebd9c05a6f7ead41ab","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3511181982993452","authorIdStr":"3511181982993452"},"themes":[],"htmlText":"Spiritual pain tormented him all the time... 精神的痛苦时时刻刻折磨着... 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